mortgage settlement

Mortgage settlement is the process where the borrower and lender finalize the loan agreement and transfer ownership of the property. It involves signing necessary documents, verifying title, and paying closing costs, including fees, taxes, and the down payment. Once settled, the lender officially funds the loan, and the borrower gains legal ownership of the property. This process can take several weeks and ensures all legal and financial details are properly handled to make the mortgage official and binding.